December 27, 2019 / 5:24 AM / a month ago

CARE ratings for Indian debt instruments-Dec 27

    Dec 27 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 26, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Anjani Portland Cement Ltd            ST Bk Fac-Non Fund CARE A1        100     Reaffirmed
                                      Based
Apollo World Connect Ltd              ST Bk Fac          CARE A4 (CE)   40      -
Chettinad Cement Corporation Pvt Ltd  ST Bk Fac          CARE A1+       1750    Reaffirmed

Clean Max Enviro Energy Solutions Pvt ST Bk Fac          CARE A2        3350    Reaffirmed
Ltd
(enhanced from Rs.115 Crore)
Embassy One Developers Pvt Ltd        ST Bk Fac- LC      CARE A4+       100
Revised from CARE A3
Eon Kharadi Infrastructure Pvt Ltd    ST Bk Fac          -              -       Withdrawn
Envirad Projects Pvt Ltd              ST Bk Fac          CARE A4        300     -
Issuer not cooperating Based on best available information
Guru Nanak Engineering Services       ST Bk Fac          CARE A4:       110     -
Issuer not cooperating; Based on best available information
Inspirisys Solutions Ltd              ST Bk Fac          CARE A3        26
Revised from CARE A4+; (Reduced from 11.52 Crore)
Jay Jee Enterprises                   ST Bk Fac          -              -
Revised to CARE A4 from CARE A4+ and subsequently withdrawn
Kamakshi Steels Pvt Ltd               ST Bk Fac          CARE A4        20      Assigned
M B Agro Mills                        ST Bk Fac          CARE A4        0.9
Based on best available information
Pankaj C. Patel                       ST Bk Fac          CARE A4        10
Reaffirmed and removed from Issuer Noncooperation
Sudhir Cement Pipe Industries Pvt Ltd ST Bk Fac          CARE A4        30      -
Issuer not cooperating; Based on best available information
Supreme Polytubes Ltd                 ST Bk Fac          CARE A4        100     -
Issuer not cooperating, Based on best available information
Talettutayi Solar Projects Two Pvt LtdST Bk Fac- LC      CARE A1 (CE)   446
Revised from CARE A1+ (CE); (reduced from Rs.60.60 Crore)
Tvs Motor Co. Ltd                     ST Bk Fac          CARE A1+       4000    Reaffirmed
Tvs Motor Co. Ltd                     CP                 CARE A1+       4000    Reaffirmed
Amit Oils Pvt Ltd                     LT Bk Fac          CARE BB-/      270     -
                                                         Stable
Issuer not cooperating; Based on best available information
Anjani Portland Cement Ltd            ST Bk Fac- Fund    -              -       Withdrawn
                                      Based^
^CARE has withdrawn the rating assigned to the short-term bank facilities (working capital
demand loan) of APCL with immediate effect, as the company has repaid the aforementioned bank
facilities rated by us in full and there is no amount outstanding under the facility as on date

LONG TERM RATINGS:
-------------------
Anjani Portland Cement Ltd            LT Bk Fac          CARE A/ Stable 300     Reaffirmed
Apollo World Connect Ltd              LT Bk Fac          CARE BBB-      181.7   -
                                                         (CE)/ Negative
Apollo World Connect Ltd              LT Bk Fac          CARE BBB-      30      -
                                                         (CE)/ Negative
Appu Hotels Ltd                       LT Bk Fac (TL)     CARE D         1963.4
“Issuer not cooperating; Based on best available Information”
Appu Hotels Ltd                       LT Bk Fac – Fund   CARE D         50
                                      based (CC)
“Issuer not cooperating; Based on best available Information” Revised from CARE C; Stable
Appu Hotels Ltd                       NCD (NCD) issue    CARE D         301.5
“Issuer not cooperating; Based on best available Information”
Appu Hotels Ltd                       LT/ ST Bk Fac      CARE D/CARE D  90
                                      (Non-Fund based)
“Issuer not cooperating; Based on best available Information” Revised from CARE C; Stable/CARE
A4
Chettinad Cement Corporation Pvt Ltd  LT Bk Fac          CARE AA+/      1250    Reaffirmed
                                                         Stable
Chettinad Cement Corporation Pvt Ltd  LT/ST Bk Fac       CARE AA+/      750     Assigned
                                                         Stable/CARE A1+
Clean Max Enviro Energy Solutions Pvt LT fund based Bk   CARE BBB+/     1640.1  Reaffirmed
Ltd                                   Fac                Stable
(enhanced from Rs.10 Crore)
Clean Max Enviro Energy Solutions Pvt LT Instrument      CARE BBB+/     600     Assigned
Ltd                                                      Stable
Clean Solar Power (Tumkur) Pvt Ltd    LT/ST Bk Fac –SBLC CARE AA (CE)/  2000
                                      for Buyer’sCredit  Stable/CARE
                                                         A1+ (CE)
Revised from CARE AA (CE); Positive/ CARE A1+ (CE)
Dehradun Highways Projects Ltd        LT Bk Fac- (TL)    CARE D         5284.5  -
Issuer not cooperating; Based on best available information
Devarpan Foods Pvt Ltd                LT Bk Fac          CARE BBB-(CE)/ 181.9   -
                                                         Stable
Devrishi Papers Pvt Ltd               LT Bk Fac          CARE BB/       200     Reaffirmed
                                                         Positive
Devrishi Papers Pvt Ltd               LT/ ST Bk Fac      CARE BB/       100     Reaffirmed
                                                         Positive/CARE
                                                         A4
Eagle Infra Pvt Ltd                   LT Bk Fac          CARE BBB (CE)/ 593.6
                                                         Stable
Revised from CARE BBB+ (CE); Stable
Eagle Infra Pvt Ltd                   LT Bk Fac          CARE BBB-/     1484
                                                         Stable
Revised from CARE BBB; Stable
Eagle Shrishri Jamner Pvt Ltd         LT Bk Fac          Prov.CARE BBB  655.1
                                                         (CE)/ Stable
Revised from Provisional CARE BBB+ (CE); Stable
Eagle Wardha Highways Pvt Ltd         LT Bk Fac          Prov.CARE BBB  428.6
                                                         (CE)/ Stable
Revised from Provisional CARE BBB+ (CE); Stable
Edelweiss Asset Reconstruction Co. LtdNCDs               CARE A+ (CE)/  300     Re-affirmed
                                                         Stable
Edelweiss Asset Reconstruction Co. LtdLT Bk Fac          CARE A+ (CE)/  1282.5  Re-affirmed
                                                         Stable
Edelweiss Asset Reconstruction Co. LtdNCDs               Prov.CARE A+   3700    Re-affirmed
                                                         (CE)/ Stable
Edelweiss Asset Reconstruction Co. LtdLT Bk Fac          Prov.CARE A+   2200    Re-affirmed
                                                         (CE)/ Stable
Embassy One Developers Pvt Ltd        LT Bk Fac- TL      -                      Withdrawn
Embassy One Developers Pvt Ltd        LT Fac- TL         CARE BB+/      7000    Assigned
                                                         Stable
Embassy One Developers Pvt Ltd        LT Bk Fac- BG      CARE BB+/      500
                                                         Stable
Revised from CARE BBB-; Stable (Triple B Minus; Outlook: Stable)
Envirad Projects Pvt Ltd              LT /ST Bk Fac      CARE BB-/      50      -
                                                         Stable/CARE A4
Issuer not cooperating; Revised from CARE BB; Stable /CARE A4 on the basis of best available
information
Eon Kharadi Infrastructure Pvt Ltd    LT Bk Fac          CARE AA-/      12665   Reaffirmed
                                                         Stable
Goyal Mg Gases Pvt. Ltd               LT Fac             CARE BBB+/     1715.4  Reaffirmed
                                                         Stable
(reduced from Rs. 174.57 Crore)
Goyal Mg Gases Pvt. Ltd               LT/Short term Fac  CARE BBB+/     200     Reaffirmed
                                                         Stable/CARE A2
Growthpath Solutions Pvt Ltd          LT Bk Fac          CARE B+/ Stable60      -
Issuer not cooperating; Based on best available information
Gupta Solvent Pvt Ltd                 LT Bk Fac          -              -
Reaffirmed and Withdrawn
Guru Nanak Engineering Services       LT Bk Fac          CARE BB/ Stable40      -
Issuer not cooperating; Based on best available information
Hindustan Aeronautics Ltd             LT / ST Bk Fac     CARE AA+/      73000
                                                         Stable/CARE A1+
Revised from CARE AAA; Stable / CARE A1+ (enhanced from 2500.00 Crore)
Jay Jee Enterprises                   LT Bk Fac          -              -
Revised to CARE BB-; Stable from CARE BB; Stable and subsequently withdrawn
Jindal Films India Ltd                Bk Fac – LT/ ST –  CARE A (CE)/   250     -
                                      Fund based/        Stable/CARE A1
                                      Nonfund based – opt(CE)
@ Jindal Poly Films Limited (JPFL, rated CARE A+; Stable/ CARE A1+), the promoter company of
JFIL, has provided Letter of Comfort (LoC) towards the facilities of JFIL
K. Girdharlal International Pvt Ltd   LT Bk Fac          CARE A-/       5000    Reaffirmed
                                                         Stable
(reduced from 750.00 Crore)
Kamakshi Steels Pvt Ltd               LT Bk Fac          CARE B+/       130     Assigned
                                                         Stable
Khattar Edibles Pvt Ltd               LT Bk Fac          CARE B+/       67.7    Reaffirmed
                                                         Stable
M B Agro Mills                        LT Bk Fac          CARE B/ Stable 160
Revised from CARE B+; Stable on the basis of best available information
Mayanagri Worldone Pvt Ltd            Proposed NCD       -              -       Withdrawn
Nlc Tamil Nadu Power Ltd              LT Bk Fac @        CARE AA+(CE)/  31109.2
                                                         Stable
Revised from CARE AAA(CE); Stable; @carries letter of comfort from NLC India Limited
Northern Arc 2019 Mfi Kubo Originator:Series A1 PTC#     Prov.CARE A-   433.2   Assigned
Dvara Kshetriya Gramin Financial                         (SO)
Services Pvt Ltd
#Both the PTCs are rated on Ultimate Payment basis
Northern Arc 2019 Mfi Kubo Originator:Series A2 PTC#     Prov.CARE BBB  19.3    Assigned
Dvara Kshetriya Gramin Financial                         (SO)
Services Pvt Ltd
#Both the PTCs are rated on Ultimate Payment basis
Nsl Wind Power Company (Satara) Pvt LtLT Bk Fac          CARE BBB/      1559    Reaffirmed
                                                         Stable
(reduced from 166.77 Crore)
P. Das Infrastructure                 LT Bk Fac          -              -
Reaffirmed at CARE BB; Stable and Withdrawn
P. Das Infrastructure                 LT/ ST Bk Fac      -              -
Reaffirmed at CARE BB; Stable/ CARE A4+ and Withdrawn
Pankaj C. Patel                       LT Bk Fac          CARE B/ Stable 50*
Revised from CARE B-; Stable and removed from Issuer Non-cooperation ; (enhanced from 4.20
Crore); *CARE has withdrawn the rating assigned to the term loan facility of the firm as it has
been fully repaid
Rithwik Projects Pvt Ltd              LT Bk Fac          CARE D         4430    -
Issuer not cooperating; Revised from CARE BBB-;Negative on the basis of best available
information
Rithwik Projects Pvt Ltd              LT/Shortterm Bk FacCARE D         16244.5 -
Issuer not cooperating; Revised from CARE BBB-; Negative/CARE A3 on the basis of best available
information
Rkc Infrabuilt (Mehsana-Himatnagar)   LT Bk Fac          CARE BBB+      1500    Reaffirmed
Road Project Pvt Ltd                                     (CE)/ Stable
Rkc Infrabuilt (Savli-Halol) Road     LT Bk Fac          CARE BBB+(CE)/ 145.4   Reaffirmed
Project Pvt Ltd                                          Stable
(reduced from 15.00 Crore)
Rkc Infrabuilt (Tarapur-Khambhat) RoadLT Bk Fac          CARE BBB+      60.1    Reaffirmed
Project Pvt Ltd                                          (CE)/ Stable
(reduced from 15.00 Crore)
Rkc Infrabuilt Pvt Ltd                LT Bk Fac          CARE BBB+/     400     Reaffirmed
                                                         Stable
Rkc Infrabuilt Pvt Ltd                LT/ ShortTerm Bk   CARE BBB+/     2000    Reaffirmed
                                      Fac                Stable/CARE A3+
Sindicatum Solar Energy Gujarat Pvt LtLT Bk Fac TL       CARE A/ Stable 723.7
Revised from CARE A-; Stable; (reduced from 84.27 Crore)
Sudhir Cement Pipe Industries Pvt Ltd LT Bk Fac          CARE B/ Stable 40      -
Issuer not cooperating; Based on best available information
Suncity Realtors Pvt Ltd              LT Bk Fac          CARE BBB-/     547
                                                         Stable
Revised from CARE BBB- (CE); Stable; (reduced from Rs.59.37 Crore)
Supreme Polytubes Ltd                 LT Bk Fac          CARE BB-/      150     -
                                                         Stable
Issuer not cooperating, Based on best available information
Tvs Motor Co. Ltd                     LT Bk Fac          CARE AA+/      2114.2  Reaffirmed
                                                         Stable
(enhanced from 136.85 Crore)
Tvs Motor Co. Ltd                     LT/ ST Bk Fac      CARE AA+/      3500    Reaffirmed
                                                         Stable/CARE A1+
Welspun Pipes Inc                     FB Fac (LT)^       CARE A+/       3586.3  Reaffirmed
                                                         Positive
Reaffirmed; Outlook revised from Stable to Positive; ^USD 50 Million @ Rs. 71.72/USD

--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CARE may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222/3317 7222, E-mail at rru.data@refinitiv.com)
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